Azerbaijan, Baku, Sept. 28 /Trend A. Akhundov/
The positive assessment of PASHA Bank's activity by Standard&Poor's and Fitch Ratings is due to strong infrastructure and an effective development system, the head of bank administration Farid Akhundov said.
"This is an assessment of 5 years long bank activity, our achievements during this period. We have accomplished a lot in this period, today we are a recognized brand. We consider this assessment to be good", Akhundov told Trend.
In his words, the bank clearly understands its development directions.
"We have a strong infrastructure, which is currently developing, a system, which assists the infrastructure development, we also have a good team, management. We have a clear understanding of where and how we want to develop, an understanding of credit risk, of our disadvantages. We consider that our good ratings are due to all this", Akhundov said.
PASHA Bank was first internationally rated on September 12. The service of credit ratings Standard & Poor's has assigned PASHA Bank long term and short term credit ratings of "ВВ-/В" contractor with 'stable' forecast. Fitch Ratings international rating agency assigned long term rating with issuer default at the level of B+ with 'stable' forecast in a week after the first rating.
PASHA Bank was established in June, 2007 and operates under licence of the Central Bank of Azerbaijan dated Jan.28, 2007.
The Bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company which is actually an investment company, but not a classic holding company.
Kapital Bank is also included in the structure of the Pasha Group. The Holding owns 99.75 per cent of the shares in Kapital bank.